Anytime a condo is sold the buyer’s lawyer will ask for a current dated condo status certificate.
A condo status certificate is a large document that can be 100 pages in length or more. The condo status certificate must be provided when requested by an owner. It can come with an administrative charge, charged by the condo corporation at a cost of over $100, and can take up to ten days to be provided.
A condo status certificate is essential because it provides important information about the financial status of the subject condo (unit). It will provide the prospective owner with intelligence, such as whether or not the previous owner was up to date paying their condo fees, if there are increases in condo fees that are about to come into effect and if there has been a lien placed on the condo for any reason.
It also provides vital information about the condo corporation. This information includes by-laws, the amount of the reserve fund, the condo corporation’s insurance, minutes of the most recent annual meeting, disclosure of any lawsuits pending against the corporation, the condo corporation’s budget, and more. It can also reveal rules about the condo such as whether or not owners can have pets.
Historically, the process of obtaining a condo status certificate has been as follows:
- A REALTOR® or lawyer would request the condo certificate from the condo corporation or management company in writing.
- At the time of the request, payment for the administrative fee had to be made.
- The property management company on behalf of the condo corporation may have taken up to 10 days to prepare the condo status certificate.
- Once ready, the condo status certificate had to be retrieved from the condo corporation or property management company.
Delays obtaining a condo status certificate prior to making an offer can pose certain challenges.. In addition, the time, effort and cost to obtain the condo status certificate can be a source of frustration.
Fortunately for REALTORS®, in many cases a condo status certificate can now be requested online through GeoWarehouse. REALTORS® can request the condo status certificate online, make payment online using a major credit card, receive an email notification when the condo status certificate is ready, download an electronic file containing the condo status certificate, and then email it to the solicitor who is acting for the purchaser.
Obtaining a condo status certificate online through GeoWarehouse takes the pain out of going through the motions of obtaining a condo status certificate for your clients.
For more information about how you can obtain a condo status certificate online please visit www.geowarehouse.ca or call 866-237-5937.